Seoul:South Korean cryptocurrency exchange GOPAX announced on Friday that it has suspended withdrawals and trading as an emergency response to hacking threats. The exchange took the precautionary step of halting withdrawals at 255 p.m. and began transferring most assets from internet-connected hot wallets to secure cold wallets. Trading was subsequently suspended at approximately 353 p.m.
According to Yonhap News Agency, GOPAX has not yet verified the authenticity of the hacking threat but emphasized that these measures are intended to protect customer assets. The exchange reported that there have been no actual asset losses. In addition to the trading suspension, deposits of virtual assets were temporarily halted, and regular withdrawal services through both the website and mobile app were disabled. All outstanding orders were canceled in conjunction with the trading suspension.
A GOPAX official, who requested anonymity, stated, "We received an email from a group claiming to have hacked the exchange, but we have yet to verify whether the threat is genuine. We are prioritizing the protection of customers' assets, even if this causes inconvenience to users."
The incident occurs amid a broader context of cybersecurity challenges within South Korea's financial sector. The Financial Services Commission previously confirmed cybersecurity breaches at 37 financial institutions, impacting approximately 470,000 customer records.